Recently I decided to write on Blackstone Mortgage (BXMT), one of the simplest commercial mortgage REITs that has a “circle of competence” in senior secured mortgages. The company is 100% “pure play” senior secured focused with absolutely no investments outside of its wheelhouse.
I also recently wrote on TPG Real Estate Finance (TRTX) recently, another “pure play” senior secured lender that has the lowest loan-to-value (59%) in the commercial mREIT sector.
There are a growing number of entrants to the commercial mREIT space and they are all differentiated by their risk/reward